Inter-Citic prices C$16 million; Cyclon to sell $10 million; Crowflight arranges C$55 million

By LLuvia Mares

New York, Jan. 10 - Inter-Citic Minerals Inc. announced it will conduct a private placement of stock and priced the C$16 million deal a few hours later.

"We have no history of debt, we don't believe in debt so that's why we have always done private placements," said Stephen Lautens, company vice president of corporate communications.

"This financing should help us out for the next two year. However, being an exploration company we are always looking for additional financing."

The offering, scheduled to settle on Feb. 5, consists of 8 million common shares at C$2.00 apiece.

The company's stock (Toronto: ICI) closed at C$2.05 on Thursday, up C$0.04 from Wednesday's C$2.01 close.

Wellington West Capital Markets Inc. will lead a syndicate of underwriters that includes Genuity Capital Markets and Salman Partners Inc.

Proceeds will be used to advance Inter-Citic's Dachang gold project in China and for general corporate purposes.

Toronto-based Inter-Citic Minerals is an exploration and development company with properties in China.

Cyclon to sell $10 million

In the technology sector, Cyclon Capital Corp. announced plans to sell $10 million in private placement of stock to investor Fric Holding AG from Switzerland.

"We are very pleased to have acquired this financing with this quality investor," said Mark Horrelt, company president, in a press release.

"We believe that we will have sufficient capital to execute our planned acquisitions and business plan, moreover achieve what we believe could be a major value-enhancing milestone."

Cyclon's stock (OTCBB:MXEH) closed at $2.33 on Thursday, up $0.08 from Wednesday's $2.25 close.

The company plans to use proceeds toward acquisitions and their business plan.

New York-based Cyclon is a company comprised of various subsidiaries in sports and entertainment and focuses on the internet, mobile phones, online communities, TV and radio.

Crowflight arranges C$55 million

In the mining sector, Crowflight Minerals Inc. announced it will raise a C$55 million credit facility with FirstRand Ireland plc through RMB Resources Inc.

"Securing this debt facility is a critical step in bringing the Bucko Lake Nickel Mine to fruition," said Mike Hoffman, company president and chief executive officer, in a press release.

"By financing the remainder of this project by a debt facility, rather than equity, we are utilizing the most capital efficient means of financing that offers the least amount of dilution. These funds will enable us to complete construction at Bucko and commence production as planned by mid-2008."

The facility will be divided into three tranches.

The first tranche of C$10 million is a secured loan with attaching three-year warrants. The exercise price will be determined in the context of the market after certain conditions have been met. The proceeds of the warrant conversion will be used to pay off the first tranche's debt facility.

The second bridge tranche is a C$15 million short term secured loan, which is to be repaid by drawing upon funds from the final tranche, a senior, secured C$45 million debt facility, giving the company access to a total of C$55 million. The C$45 million tranche may be drawn once permits for the company's Bucko Lake Nickel Mine are in place.

Crowflight's stock (TSX Venture: CML) closed at C$0.60 on Thursday, up C$0.05 from Friday's C$0.55 stock.

In addition, 1 million three-year warrants will be issued, with an exercise price that will be set once certain conditions have been met.

Proceeds will be used to finance the remaining construction and start-up of the Bucko mine.

Crowflight is a resource exploration company based in Toronto.

Meridian sells $1.9 million

In the pharmaceutical sector, Meridian Co., Ltd. closed a Korean private placement of stock for approximately $1.9 million.

The company sold 1,976,666 restricted common shares at 900 won, or about $0.964, each.

Meridian's stock (OTCBB: MRDAF) closed at $1.30 on Wednesday and did not see any change on Thursday.

Proceeds will be used to reduce debt and fund the company's marketing program in North America and Europe.

Based in Vancouver, B.C., Meridian researches, develops, manufactures and sells advanced medical devices.

Thunderbird wraps $50 million

Back to the mining sector, Thunderbird Energy Corp. announced that it has settled a $50 million five-year credit facility. The deal was announced on Oct. 5.

As previously reported, the facility with Macquarie Bank Ltd. will operate as a revolving credit line for the first three years and bear interest at Libor plus 350 basis points. Advance limits under the facility will be determined based on a ratio of Thunderbird's proven reserves, and will increase as the company's reserves grow. The initial advance limit specified in the commitment letter is $10.5 million.

Macquarie will get five-year warrants exercisable for up to 13 million shares depending on the amount drawn under the facility at between $0.50 and $1.00 per share. The warrants will have exercise restrictions for the first year and partial restrictions for the second year.

The company's stock (TSX Venture: TBD) closed at $0.3150 on Thursday, up $0.0350 from Wednesday's $0.28 close.

Proceeds will be used for the development of Thunderbird's existing oil and natural gas projects and to fund future acquisitions.

In order to allow Thunderbird to launch its fall exploration program immediately, Macquarie has agreed to provide Thunderbird with a $2 million demand loan as well.

Thunderbird is an oil and natural gas company based in Vancouver, B.C.

Amarillo wraps $1 million

In the biotechnology world, Amarillo Biosciences, Inc. raised $1 million from a private placement of preferreds with Firebird Global Master Fund, Ltd.

"We are delighted to welcome Firebird Master Global Fund as a major shareholder," said Joseph Cummins, company president and chief executive officer.

"This institutional funding should help provide us with sufficient capital to complete our phase 2 clinical studies as part of our goal of obtaining FDA approval for our low-dose oral interferon."

Firebird bought 1,000 shares of series A convertible preferred stock, which are convertible into a total of 4 million common shares.

The preferreds bear dividends at 10% per year.

Firebird also received warrants for 4 million common shares, exercisable at $0.30 per share.

Amarillo's stock (OTCBB: AMAR) closed at $0.35 on Wednesday and did not see any significant change on Thursday.

Amarillo is a biotechnology company based in Amarillo, Texas.

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